Genuine Parts (NYSE:GPC) Issues FY24 Earnings Guidance

Genuine Parts (NYSE:GPC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $9.80-9.90 for the period, compared to the consensus EPS estimate of $9.78. The company issued revenue guidance of +3-5% yr/yr to ~$23.78-24.25, compared to the consensus revenue estimate of $23.84 billion. Genuine Parts also updated its FY 2024 guidance to 9.800-9.950 EPS.

Genuine Parts Stock Up 11.2 %

Shares of Genuine Parts stock opened at $160.23 on Friday. Genuine Parts has a one year low of $126.35 and a one year high of $174.91. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.23 and a quick ratio of 0.63. The stock’s 50-day moving average is $149.92 and its 200 day moving average is $142.22. The firm has a market cap of $22.34 billion, a price-to-earnings ratio of 17.17 and a beta of 0.94.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings data on Thursday, April 18th. The specialty retailer reported $2.22 EPS for the quarter, topping the consensus estimate of $2.15 by $0.07. The firm had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. Genuine Parts had a return on equity of 31.64% and a net margin of 5.70%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.14 earnings per share. Equities research analysts anticipate that Genuine Parts will post 9.66 EPS for the current year.

Genuine Parts Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 1st were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.50%. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend was Thursday, February 29th. Genuine Parts’s dividend payout ratio (DPR) is presently 42.87%.

Wall Street Analyst Weigh In

GPC has been the topic of several research reports. Evercore ISI lowered their target price on Genuine Parts from $160.00 to $155.00 and set an in-line rating on the stock in a research note on Tuesday. StockNews.com raised Genuine Parts from a hold rating to a buy rating in a report on Friday, April 5th. Wedbush reaffirmed a neutral rating and issued a $140.00 price target on shares of Genuine Parts in a report on Friday, February 16th. Finally, Truist Financial reaffirmed a buy rating and issued a $167.00 price target on shares of Genuine Parts in a report on Friday, April 12th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $168.33.

Insider Activity at Genuine Parts

In other Genuine Parts news, Director Wendy B. Needham sold 3,250 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total transaction of $503,490.00. Following the sale, the director now owns 14,397 shares in the company, valued at $2,230,383.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.37% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Genuine Parts

Large investors have recently added to or reduced their stakes in the company. Harbour Investments Inc. raised its position in Genuine Parts by 28.1% during the fourth quarter. Harbour Investments Inc. now owns 1,182 shares of the specialty retailer’s stock valued at $164,000 after purchasing an additional 259 shares in the last quarter. First Manhattan CO. LLC. increased its holdings in shares of Genuine Parts by 614.3% in the first quarter. First Manhattan CO. LLC. now owns 800 shares of the specialty retailer’s stock worth $134,000 after buying an additional 688 shares during the period. Fred Alger Management LLC increased its holdings in shares of Genuine Parts by 139.2% in the fourth quarter. Fred Alger Management LLC now owns 665 shares of the specialty retailer’s stock worth $115,000 after buying an additional 387 shares during the period. Money Concepts Capital Corp increased its holdings in shares of Genuine Parts by 80.6% in the fourth quarter. Money Concepts Capital Corp now owns 437 shares of the specialty retailer’s stock worth $76,000 after buying an additional 195 shares during the period. Finally, Tyler Stone Wealth Management purchased a new position in shares of Genuine Parts in the second quarter worth about $68,000. Hedge funds and other institutional investors own 78.83% of the company’s stock.

About Genuine Parts

Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates in two segments: Automotive Parts Group and Industrial Parts Group segments. The company distributes automotive replacement parts for hybrid and electric vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, marine equipment, and heavy duty equipment; and equipment and parts used by repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, and individuals.